The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
I have been in and out of AMGO for months and very familiar with the business. I was out until 16.15 on Friday and bought back in at 17.78p. Massive FOMO issues. Ha!
I know I have bought high considering the previous prices i have paid (wish I went long then). I want to average down as I expect there to be some dips coming up tomorrow.
What does everyone think will be tomorrow's low? I'm going to be purchasing lots more as this is only going up over the next few months!
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James Benamor
James Benamor
Aug 21 · 4 min read
Richmond Group has been clear that we welcome and support the return of CEO Glen Crawford. Glen has a lot of work to do in Amigo’s UK business: replacing the remaining members of the board who mismanaged Amigo; cutting back layers of unnecessary suits brought in by the previous board; paying down debt and buying back underpriced bonds to repair the damage done by Hamish to the balance sheet; collecting in hundreds of millions of pounds of post-debt assets; and fighting the unethical, and I believe unlawful u-turn by the FOS on irresponsible lending which has financially excluded millions of ordinary people.
But Amigo Group is much more than its UK regulated lending business. Amigo is a brand that stands for a mission: to fight the unfairness of exclusion that comes from an industry that judges customers on their credit history alone. The separate Irish business that was started two years ago has proven that there is demand for Amigo’s products in markets which, unlike the UK regulated market enjoy fair and stable rule of law. At the same time in the U.K., non-FCA Authorised lenders like Klarna are proving it is possible to offer simple, fair and inclusive products which are profitable and build value for their shareholders outside of FCA jurisdiction. Whilst Amigo Loans UK needs a CEO that can face the FOS and FCA, It is time for Amigo Group PLC to demonstrate not only that it has a plan to protect and return hundreds of millions of pounds on post-debt assets from it’s UK Lender, but also that it has a plan to turn those assets into the secure year on year growth that it was known for until Hamish Paton’s calamitous time as CEO.
Today I am therefore asking the board of Amigo to publicly agree to the following changes:
Replacement of Nayan Kisnadwala with a capable CFO within the next 30 days.
Removal of Roger Lovering immediately and appointment of one of the remaining iNEDs as Non Exec Chair.
Retention of Glen as CEO of Amigo Loans Ltd, the FCA Authorised subsidiary of Amigo Holdings PLC.
Formation of a functional board of Amigo Loans Ltd, comprising Glen as CEO; INEDs Richard, Gary and Jonathan; and the new CFO. This UK board will discharge corporate governance functions expected by the FCA of an FCA Authorised UK lender.
Appointment of me, James Benamor as CEO of Amigo Holdings PLC, the ultimate parent company which is not FCA Authorised.
Formation of PLC board comprising me as CEO, along with the new CFO, and iNeds Richard, Gary and Jonathan.
As CEO of Amigo Holdings PLC I plan to support the board of Amigo Loans Ltd in their strategy of cost cutting, bond buy backs, debt clearance, and Judicial Review of FOS decisions, whilst simultaneously rebuilding a team at Group level that is able to use the ca
I bought at the peak and now holding. If I had more to invest, i might have bought more at 24p
Do you think we have seen the peak of today at 28p?
bought at over 26p today
Nickel_Investor when JB sells again tomorrow, do you think it will be more impactive than the last two days trading (without the positive RNS which might have countered the drop)
How is the market likely to react this morning?